Plug Power (PLUG) Gains As Market Dips: What You Should Know
Plug Power (PLUG) closed at $9.06 in the latest trading session, marking a +0.22% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.34%. Meanwhile, the Dow lost 0.5%, and the Nasdaq, a tech-heavy index, lost 0.73%.
Coming into today, shares of the alternative energy company had gained 70.89% in the past month. In that same time, the Industrial Products sector gained 6.16%, while the S&P 500 gained 5.71%.
Wall Street will be looking for positivity from PLUG as it approaches its next earnings report date. On that day, PLUG is projected to report earnings of -$0.09 per share, which would represent a year-over-year decline of 12.5%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $57.44 million, up 0.64% from the year-ago period.
PLUG's full-year Zacks Consensus Estimates are calling for earnings of -$0.33 per share and revenue of $289.53 million. These results would represent year-over-year changes of +2.94% and +29.43%, respectively.
It is also important to note the recent changes to analyst estimates for PLUG. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 4.02% higher. PLUG currently has a Zacks Rank of #3 (Hold).
The Manufacturing - Electronics industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 98, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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